SHANGHAI, Nov 8 (SMM) – As of Monday November 8, the copper inventory across major Chinese markets fell 800 mt from last Friday to 95,200 mt.The copper inventories fell on Monday after four consecutive weeks of gains.
The inventory increase over the weekend was mainly in Guangdong and Jiangsu. And the inventory decline was seen in Shanghai, Chongqing, Chengdu and Tianjin. The inventory in other regions changed little. The significant increase in domestic copper arrivals last weekend was the main reason for the increase in the inventories in Guangdong and Jiangsu. The decrease in the arriving shipments of imported copper drove the decline in Shanghai. The arriving shipments in Tianjin declined as the heavy snow affected the logistics efficiency.
The inventories in Guangdong increased 2,600 mt to 12,600 mt, the inventories in Jiangsu added 2,000 mt to 14,400 mt, the inventories in Shanghai fell 4,500 mt to 63,700 mt, the inventory in Chongqing fell 300 mt to 2,000 mt, the inventory in Chengdu dipped 100 mt to 1,000 mt, and the inventory in Tianjin inventory dipped 500 mt to 1,000 mt. Inventories in other areas changed little.
It is expected that the shipments arrivals of imported copper will not be too high and some domestic copper will be exported. The consumption will increase due to the easing of the COVID-19 in east China. As such, the inventory will decrease slightly this week.
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